NEPZA generates N6bn revenue in 6months – MD

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA) Dr Olufemi Ogunyemi says the organisation has generated N6 billion in the last six months. Ogunyemi made the revelation on Tuesday in Abuja, during an oversight visit by the House of Representatives Committee on Commerce and Investment, led by its chairman, Ahmed Munir. He […]

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA) Dr Olufemi Ogunyemi says the organisation has generated N6 billion in the last six months.

Ogunyemi made the revelation on Tuesday in Abuja, during an oversight visit by the House of Representatives Committee on Commerce and Investment, led by its chairman, Ahmed Munir.

He explained that the figure represented a N2billion decline as against the N8 billion generated in 2023.

The MD attributed the shortfall to harsh economic realities while explaining that, “Of the N8 billion generated in 2023, the authority remitted N4 billion to the federal government and retained N4 billion in the agency’s coffers.”

• 3yrs on, family of Kano POS operator arrested by DSS demands release, trial
• FCCPC raises alarm over adulterated foods, forceful ripening of fruits

He also explained that upon his assumption of office, he inherited 52 free trade zones and had given licences to an additional two that have expressed a commitment to invest about N3billion dollars in Nigeria.

“There are lots of security challenges. Some of them, especially the privately owned ones, cannot get financing for infrastructure.

“Also, a lot of states are trying to have zone licences, and some of the zones that have failed have been state governments and private partnerships where the state government has changed from one political party to another and has been neglected,” he added

Ogunyemi, who also decried poor funding to the agency as another challenge, appealed to the National Assembly to assist in increasing their budgetary allocation.

Responding, the House Committee Chairman on Commerce urged the NEPZA boss to take swift action, as this would ensure quick amendments to its act and enable him to achieve his mandate.

Munir urged NEPZA to forward to the house specific areas in the act that needed amendment for quick redress, as relying on the Executive Order might linger and delay implementation.

He also urged the authority to forward details of the nonfunctional trade zones to the house to enable it to ascertain their status and determine a path forward.